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WealthBuilders for Families: Chris Henry

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Speaker 1  0:01  

The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.

Christian Rodwell  0:19  

While Welcome to Episode 215 of wealth talk, my name is Christian Rodwell, the membership director for wealth builders joined today by our founder, Mr. Kevin Whelan. Hello, Kevin.

Speaker 3  0:28  

Hi, Chris, good to be with you again. And we've had a little bit of a breather now, post the quite spectacular families launch. We're delighted about that. And we've got a family story today. And

Christian Rodwell  0:41  

yet back once again, with a very close friend of wealth builders, Mr. Chris Henry. Chris is someone you've known for many years, Kevin, actually now. And Chris then has followed the steps that we teach and followed your wisdom, your guidance, in fact, I believe, did some mentoring with you as well. And then that led to being a wealth coach for our members passing on the lessons. So

Speaker 3  1:01  

transition, what a transition for Chris, and, as you say, a true friend of wealth builders. And I know we're going to listen to Chris. So I won't preempt that. But you can hear the lessons that we're trying to share, not just in the wealth lessons, but the family lessons, you can hear them coming out. And it's just a real pleasure to see that somebody's embracing all the things full on. And that's transforming the lives of himself and his wife, Tracy, who's lovely person as well. I don't know the children as well, that Ben and Alex have met Oh, and but wonderful family. And you can see some of the lessons are now being taught there, too. So quite a fascinating insight through your questions. Just commend you, Chris, because he said a few times. That's a great question. And you did have some good questions on that one. That must have been one of your better days.

Christian Rodwell  1:54  

Must have been indeed. Yes. So you'll hear from Chris how education has played a massive part in his wealth building journey. And also the the importance of getting clear on your reason why so let's not hang around. Let's listen to our conversation today with Mr. Chris Henry. Chris, welcome back to wealth talk today. How are you?

Speaker 4  2:12  

A really good Christian, it's good to see you good to reconnect with Well, talking with you.

Christian Rodwell  2:16  

I know, I know. It's lovely to see you. Of course, we know you as a client, a friend, also a previous wealth coach, looking after many of our members three years or so. And tell us what you've been up to this year in terms of business? And

Speaker 4  2:28  

yeah, well, I suppose. I mean, I very much work three days a week, even though I'm certainly on a Friday talking to you. But this is pleasure, you know, so yeah, but what's been going on. I mean, I'm still coaching people got the action coach franchise, business and some wealth coaching. But the emphasis for me is moving towards the Aspire business. So I've got a joint venture with a an amazingly talented guy called Chris Payton, up in the Northeast, and we've got a business there that is developing Commercial to Residential properties, and HMOs. So that has to be the focus for me moving forward. So the emphasis has shifted this last four months, but really excited, really excited what's going on?

Christian Rodwell  3:02  

Yeah, that's great. And you're someone who fully followed the steps that we talked about in wealth builders. And today, our conversation is really how can we extend this now to help the next generation, right and start passing on some of this wisdom, some of these lessons that perhaps we weren't taught when we were younger, right, because they don't teach this stuff in schools.

Speaker 4  3:20  

100%. I mean, a lot of people have talked about this Christian, you know, family wealth, and but nobody's actually done it, you know. So it's great to see Kevin and yourself actually putting this into place, because a lot of people talk about it. But I'm looking forward to kind of seeing it develop and contribute wherever I can. And this is the start really, so.

Christian Rodwell  3:36  

So I know this is a subject close to your heart, Chris. So let's start with your family. So tell us a bit more about the members of your family, please. Yeah,

Speaker 4  3:41  

so we're a blended family. Myself and Tracy been together for 20 years? Three children between us, Ben. I mean, they're all kind of grown ups now. So that colours the way you can discuss money with them. But Ben's forget the ages, but they're in the late 20s 30, Ben's 30. Alex is 2829. If they're watching this, I've got the ages, right, we're gonna be in trouble. It's a great family unit.

Christian Rodwell  4:04  

So we're talking really about how can we help the next generation to be the guardians of all the good work that we're doing ourselves now to build assets to enjoy life to have more freedom and time, which you mentioned yourself is is really important. And what are some of the things that you've experienced with bringing up children over the years first, in terms of helping to introduce conversations around money? And how have you have you gone about that?

Speaker 4  4:28  

Yeah, it's a great question. I suppose you would love to your own childhood first, I suppose. Because that's that's the platform for how you operate really. And I suppose I'll just give some reflections on my child because it does have a big impact. And mindset is obviously a fundamental part of wealth and money. That's not a word I ever knew about really, until maybe 1015 years ago, it wasn't a word that was was in our vocabulary, certainly as a child that it wasn't, you know, so, for me, it starts with the mindset around money. And if I think about our childhood, it was a great childhood, a very working class upbringing, but there wasn't a lot of money. Certainly wasn't. The word for me was scarcity. Certainly in our world working class, my dad was a catering manager and one was in catering. Things were tight, you know, and, and that has a big impact on your attitude to money into wealth, certainly right into your later years. So and even the words that you hear, and I remember my dad, now he died to Ghana 10 years ago, his language really hinted at the scarcity, the scarcity, you know, money doesn't grow on trees, you know, what do you think you're made of money, you know, all these kinds of things, shut the door, because you're letting all the heat out in all these things that are embedded into your psyche, because things were things were tight, you know. And I remember when my dad, my dad died, and we did, we were sorting out the wheel. And I looked at his his last payslip, and he never used to tell us how much you earned again, but it was a very private thing, then money money, maybe it still is. Now, I don't know if it shouldn't be. And I was shocked how little he earned his last pay slip here, 1300 pounds for the month. And there were six of it in the family. You know, this is only kind of 15 years ago and finished working. And I was shocked how little he earned. But what a great challenge we had, you know, so. So you know, having money doesn't necessarily mean you can't be happy, because we had a great childhood. But these are things that have a big impact on you. We very rarely went out for meals, you know, I remember the one and only son went out for a meal, which I recall, we have a premium bond each Christine and my brother 125 quid on the premium bond, and we went out for a meal and I can remember what I ate. That's how precious that meal was even a Chinese meal. It seems a lot more abundant these days for our children, there's money, but it certainly wasn't in those days. So so that kind of my reflections for my childhood. But obviously translate that into how to how do you bring your children up, and what's their attitude to money moving forward. And when the kids were younger, we didn't really talk about money with them, really up until I suppose if I think about it, and so I started learning about it, and only started learning about it. When I left banking. I'm an accountant, chartered accountant, Christine, I could count everybody else's money, but I didn't really I wasn't very good at kind of being aware of our money or our wealth. So it was only worked until I left banking that I started to realise and actually my wealth builders and start to learn about assets and not swapping time for money, then you've got something to share so that even as an accountant, I wasn't really prepared for the conversation. And again, if I think about school, I did economics and I did maths, but it's all the theory is the macro stuff. It's not the micro stuff is not bringing it into the real world. And I think that for me was what was missing. Maybe there's a bit more of it around now. But I think it certainly needs embellishing kids need better prepare. And I think there's no doubt about it. A couple of moments that kind of stand out for me when the kids started to ask about money was when they leave home, and they've got to get a mortgage. And they don't know about credit cards, they don't have bank accounts, and what is a mortgage? And then they start to ask the questions, you know, so, but they're not prepared for it. And we as parents have to take responsibility for our own commercial birth, we can pass on the lessons, you know, so

Christian Rodwell  7:47  

and you know, schools obviously have their curriculum and they do a great job at that. But the discussions around mortgages, payslips you know, managing money saving interest, all of this, obviously, that's not built into the curriculum. Do you feel that there's a gap there? Do you think it could be introduced? And that'd be beneficial to younger, younger adults?

Speaker 4  8:04  

I do, I think, but it needs more than that. Christine. I think I mean, you know, that's the theory is nothing can I'm not being disrespectful, but teacher, but maybe they're the best people to kind of share insights into money and wealth. And maybe some are, some aren't. But it's not just about the theory. And again, you know, some of the theory was there for us at a macro level when we're at school, but But how does that translate into real life? So I think there is a gap. But I think the gap between the theory and the practice is all about discussing it with real people that are doing it, you know, getting in amongst a community of people that are doing it, having a network that doesn't exist at school, a network of people who understand and are good on the money from. So there's a lot more to it, I think practical examples, site visits, all that kind of stuff that's not current at school. So these are the things that I think need adding into the mix, to get our children into a place where they understand money and what it actually represents. I think

Christian Rodwell  8:54  

that's a good point, you know, the theory based versus the experiences, because it's going out, and it's experiencing it seeing it. So, obviously, you know, you've invested in property for many years now, Chris, and, you know, have you taken then Alex, have they come out and seen what you're doing? And does that make a difference to them?

Speaker 4  9:11  

firsthand, I've got shivers down the spine, because it really does that it brings it to life. It really doesn't, I think, you know, I believe our children learn a lot more from what they see than what you tell them. You can tell them and tell them and tell them until you until they see the evidence of how you've operated your life, not just on the money front, but generally, then they start to take them on notice. So yeah, I'll tell you what, Christie, one of my proudest moments, we've got a development of a new car. So it's a big development the Christmas elf had been involved with and we get our investor together every quarter and to see Ben Alex are in my granddaughter at the back of the room. And I feel emotional telling you about this, just to see him at the back of the room and realise that this is their legacy. That is what it's all about, you know, and they were really, really impressed because they know they're gonna get the benefit of it, you know, at the end of the day, so a very precious moment and it does bring it to life for them, and it sets them on the journey of getting more involved in more Nearly wealthy are learning about it because they can see the benefits. You know. So very, very powerful. Christine Lagarde really is involved in what we're doing.

Christian Rodwell  10:06  

And that's really, you know, what we're trying to do here is cradle to grave is the legacy of intergenerational wealth. Are there any other reasons for you personally, why that's important?

Speaker 4  10:17  

Well, I mean, Legacy legacy is crucial, isn't it? I think, but I believe that, you know, the best legacy for our children is education. I really do. You know, it's not just about passing assets on to them, it's about getting getting them educated. Because otherwise they can they can, they can take control of the assets. But if they've got the education, the discipline to be able to kind of operate it and run it, well, they're going to waste it or they're gonna be in trouble. So, yeah, I think legacy is important. But education for me, is equally as important. The other thing for me, I suppose, is, we talk in wealth about, you know, not stopping time for money. And all our kids are very aware of that and start to kind of make inroads into making sure they're not dependent on time, or time for money approach. So education, legacy, it's all part of kind of what we're creating, and it's probably follow, it's gonna be fun, you know, and it's fun, and it's fun having them around. It really is.

Christian Rodwell  11:03  

And that's an interesting point. You know, obviously, when you think of children, their first interaction with money tends to be pocket money, right? Is parents giving them some money for something? How did you go about that? Was it simply exchange for tasks it because talk about time for money there? So children getting used to kind of like doing something and getting rewarded? Did you approach it differently? Or,

Speaker 4  11:22  

wait, I wish I've done what you just said, because I think it's a great, you know, the idea of rewarding a child for reading a book, which I picked that up from Rob Moore, you know, that's a, that's a great way of kind of bringing them along. I'll be honest, we didn't do it the right way. You know, we gave them everything. And I think that's a reaction against in some ways, how little we had as children financially. So in some ways, you can overcompensate, which I don't think is the right thing, because then they don't really appreciate the value of money. So you know, we were the exact opposite. We gave them everything we possibly could when they were children or the holidays. And I don't think they have an appreciation for the value of money until they get to the point where they're owning it. And then they realise how much it costs or how much it takes to learn the value of a meal, we still have problems trying to get them to get their hand in the pocket when we have a family meal. You know, we sit around the table, and there's that Tumbleweed moment, at the end of the end of the meal when the bill arrives. And the grown ups are still looking at us as parents, we've created that situation. And I don't think that's the right way. I think that should you live and learn to live in love. So that's a lesson for everybody.

Christian Rodwell  12:20  

So tell us a bit more about their personal interests. And obviously, I've met Alex and we've had a chat about her business ideas. And so I know that the entrepreneurial bug is better than her at least tell us a bit more about about that, Chris? Yeah.

Speaker 4  12:32  

And I think that's important, Christina. Again, I think that's where coaching for me has been a complete game changer, not because I'm a brilliant coach, but it's just the doors it opens. I mean, action coach, I've got a franchise with led me to Kevin led me to you lead me to wealth limited, you know, so life's a journey, isn't it? I think and those kinds of doors open and you just got to see the opportunities you got as you go through each door. But in terms of the kids, so coaching has helped me coach the kids. I didn't really know what coaching was, but I actually coach all three of our children. And one of the first conversations I had with Ben Ben, my son, they're very different personalities. Ben's a web developer, very techie, quite an introvert. But he was working for an agency in Keithley earning a half decent salary. But when we have a coaching session, and we worked out how many websites he needed to create for himself to be able to replace his salary with a business he was working with. I think it was five, that's all he needed to create in a year would replace an annual salary. That was a lightbulb moment for them. So and he's working for himself now. And he's doing really well. He's got VAs in the Philippines, he's got quite a big contract with Dermalogica. He's a Shopify specialist, and he's a business. He's an entrepreneur, he's a businessman. And I can't tell you, Christine, how much owning your own business and running your own business what an education that is, it really isn't. I remember bank coming to me early doors. So I've just realised that when I when I send an invoice out, the money doesn't just come in to say I have to wait four or five, six weeks for it. Yep. And that's called a cash gap. You know, you've got the it's just a fantastic education. So that was the first out the traction in terms of being an entrepreneur, and they're all doing it. Oh, it's a barber. So it's not quite as driven as as Ben but, but he's got a business and he generates an income because of a skill that he's acquired. Alex, you know, Alex has got she's very much into online as well. So she's had the benefit of learning about wealth and learning about ActionCOACH. And being in amongst the right people have got the right mindset. So they're all the way. They're all entrepreneurs, and I can't tell you how proud I am Christine of what we're achieving. The trick is though, the trick is this just potentially still got jobs, and it's not an asset until it works without you. And that's the key. Okay, so Ben still got a job, or we still got a job and Alex's still got a job. We've got to find a way of leveraging systems and other people to create an asset so they can back away and do the fun stuff, which is what we're

Christian Rodwell  14:52  

absolutely That's right. And that key word of recurring income, right. That's really what gives you the freedom. So these are some of the lessons obviously you know, We teach the heart of wealth builders, and how did they begin to understand about compound interest saving, you know, thinking longer term because as a young person, perhaps, you know, certainly in this day and age, social media, everything's very immediate. You want quick results, you want everything today, but we know that wealth isn't built overnight. Wealth takes time. Right? So it's about that kind of delayed gratification. Have you had conversations with them about that?

Speaker 4  15:25  

Yeah, we have, we have just on compound interest, again, added mastery steps at a level that university and yeah, great concept, but that was the theory, I've got no, no idea how valuable that is, in my life, you know, and it is the eighth wonder of the world. anybody thinking about it? So yeah, that's, that's kind of my personal reflection on that particular concept. But I know it sounds a bit formal Christine, this, but we do get the family together, every every we're trying to every quarter, I'll get the flip chart out. And we map out what's going on in our world, you know, so that they're fully conversant with with SAS, and the properties we've got and how far out how far we are with the developments. So we're really immersing them in what we're doing. And I know that comes from coaching and the old group morning group, because does get his flip chart again, but but the fully in tune with what we're doing, you know, and again, one of the proudest moments with Ben, that was at a factory with Kevin and Mark Stokes, we were at an event it to Mercedes Benz, and I was doing some speaking there. And Ben was behind me talking to somebody, and I shouldn't have been doing it. But I was talking to I were looking at somebody in conversation, I was listening to Ben, Ben was talking about SAS, he was explained as the guy behind me about SAS, what a problem and that was. So they are educators. And they're where they see the benefit. And you got to put the effort in to get the education across. But that's what we do.

Christian Rodwell  16:36  

Big good to find out bit more. Because, you know, SAS, we know is almost like a family trust fund. Right. So you can have members of your family join if you choose to do that as trustees. Have you thought about that? Is that something that you know, you've spoken to them about?

Speaker 4  16:50  

Yeah, absolutely. They're aware of it. And it's been a game changer for us. By the way, once you understand it and learn it, that was the start of our journey. Ben's is not quite done it but Ben's got enough kind of going through his his business now to think about either setting up his own SAS or possibly joining our SAS. So he's fully aware of it. So he's got a point where it can make a contribution now, so we have had that discussion, certainly with Ben. And he's aware of what we do with it and the rules around it. And, and the power and the strength of it. Yeah. So less so with when I was a little bit more short term. You know, he's living for the moment at the moment, I think. But Alex is midway between the two of you. She's getting there,

Christian Rodwell  17:25  

thinking longer term, then, you know, not just a father, grandfather now. Do you worry? Or do you have concerns over what life will be like in you know, 10 years, 20 years time? AI is something that is obviously in the news now jobs, people, you know, young people living to 100 years old, you know, there'll be different a different life, right. And wealth will will need to be important because you can't rely on a job. You can't rely on pensions necessarily.

Speaker 4  17:50  

Yeah, true. True. You're right. I think we have to move with the times I think it's sometimes the younger generation move more quickly than we do. You know, if I think about, you know, how the speaker reaction of Ben and Alex, you know, in terms of change, I think they respond much more quickly than having a grandchild. It's an extra layer to your why. And wealth. We talk about the why the emotion and you've got to feel feel it there. When you talk about why you're doing it. And I do every time I speak about it. I know why I'm doing it. And it's about legacy. It's about the kids. I've shared my wine many times, you know what, what drove it but another layer, now I've got a grandchild, Viola. And she's absolutely gorgeous, and almost a bit I can't see her father, you know, it motivates me even more to do more with what we're doing. Because it's going to be for her life's gonna change. There's no doubt moving forward, but people are always going to need somewhere to live, you know, AR not AI is not gonna replace going to buildings construction. That's a key pillar of our of our wealth strategy. So depending on what our interests are, she's always gonna have to fall back on right. So that gives me that reassurance. But it motivates me. Now to keep going,

Christian Rodwell  18:52  

what would be some of the key moments when you look back over, say, the last 10 years of your own wealth building journey, things that perhaps you might have done differently, or things that have worked really well, which you might pass on as just a few key key lessons for anyone listening who's also looking to get to a place of financial independence.

Speaker 4  19:08  

The only thing I would have done differently is probably grabbed the education sooner. He's probably a lot more available now. Thank you. Now, when we were kids, we didn't have internet. So you know, there wasn't as much, it wasn't as easy to learn about this stuff. So I would probably have done that sooner. I think I was in banking for 25 years. And I was I wasn't settled probably for the last five. And I maybe should have pulled the trigger a little bit sooner and put my hand up for it. I'm gonna say but gotcha is that lessons for me, I think education. It starts with education. You've got to learn this stuff. Otherwise, you present a lot of risks. And that's a key one. Community and connections and contacts. You know, I'm not a natural kind of what sorry, in the past, I haven't been a natural person to reach out and get help. That's part of my personality. But that's been the key for us is people that have led us and contacts and connections that have led us to the journey that we've kind of been on good people. I've got the you've got around you now. Obviously what wealth builders is all about, it's about community. Yeah, so I think education and connection and contacts, I think for me as well, having a having a clear plan, I'm a bit of an obsessive planner. But having a an emotional reason why you do it at the end of it, you know, what's the dream, what's on your dream board? Why you doing it, tracing yourself every year, revisit our media, you know, what we want out of life. And at the end of the day, that's what it's all about, you know, it's only 4000 weeks in a lifetime. And we're all going down that journey. But you're aiming towards something, you're doing it for a reason. If you've got clarity around that reason, and you've got colour around it. I think it motivates you when times are tough. So there are a few things that I would share.

Christian Rodwell  20:36  

And you mentioned Madeira there and clarity. And I know there was a kind of catalyst moment wasn't perhaps an important piece to perhaps mentioned. Right?

Speaker 4  20:44  

It was Christie, right? And yeah, yeah. So this is 2005, I do believe there's normally a moment in your life that gets you it's a trigger that gets you to look differently about the rest of your life, something that happens to you or something happens to somebody else, you know, and for me, 2005 was a life changing moment, I ended up with a pulmonary embolism, which was a blood clot that came from a football injury, flew to Madeira, ended up in intensive care in Madeira for two weeks. And then I would love to survive it, I always kept myself quite fit. And I think I've not been fit, I think I wouldn't have been around now. But you know, two weeks in hospital, reflecting on how lucky you were, doesn't make you think about what you want out of the rest of your life. And that was my trigger. There's no doubt about it. Alex, my daughter is another kind of driving force. Alex won't mind me sharing, but she's got a disease called cystic fibrosis, which is a it's a very, very difficult disease to deal with. It certainly was as a child. So again, that focuses your mind on on the here on the mouth. You know, a lot of us wait too long, you know, we wait until we're in here till we've retired, and then start thinking about living, that's too late, you know, we need to start living now. You know, all the wealth, buildings, building stuff that, that we've kind of learned, as almost allowed us to bring, bring things forward. Enjoy life now. Because you never know what's around the corner. So there were my triggers.

Christian Rodwell  21:58  

Nine, thank you for sharing that. And you know, it's been really good. having this conversation with you today. Chris, was there anything else that you'd noted that you perhaps you wanted to mention?

Speaker 4  22:07  

I suppose another thing that I would say is, is gratitude, being grateful, is an important part of making yourself feel good. And the more you give, the more you get back. It's not all about giving to receive that. But often, the more you give out, and the more we help other people, it's sometimes it does often come back in different ways. We have a gratitude here, I think I've talked about this before, we've got a gr test myself. And every time something good happens in our life, or we do something for somebody else, or some get something for us, we put it on a post it note, stick it in the jar, and then we take it to the media or with us, and we open it in Madeira, I'll tell you it's emotional, it really is because you forget how good it's been. So that there's a little tip.

Christian Rodwell  22:43  

And is that something that you introduced to the whole family? Do you know? Do you sit around the table? Is there any kind of activities where I know you mentioned kind of getting a flip chart out, but with the cost of the jar?

Speaker 4  22:54  

I have that the I'll be honest, Christina, I've shared it with clients with coaching clients, but I've not shared it with the kids. But next time we get together, gender

Christian Rodwell  23:03  

good. And you know, that's I guess, you know, important. You know, we're talking talking wealth and finance, you know, is as a broad topic here on the podcast, but ultimately, it's about just instilling good values in our children and the next generation, isn't it

Speaker 4  23:15  

100%. And that is a key word as well. And I know it sounds a bit formal, we've got we've got a we use Dropbox, and we've got a list of our family values. And there's quite a lot on there. And everybody contributed to that list of font family values, you know, things that are important to us all. And I always go to John Demartini, the values factor and that's that's a worthwhile read for people just to tune into that and just figure out what is it that makes you take this what are the top five things that make you tick? And right at the top of ours is family. Right? And it's all of Chris Payton's is family. So it's interesting how values draw you towards people who've got similar values. So yeah, the kids are aware of values, they've contributed to our values. Really, really important. And it sounds a bit structured sounds a bit formal, but that's what we do. I'm just gonna share one more thing that I do with the kids when I'm coaching them, because I've talked to them all three, all three of them. And I use something called a wiffle wi F le what I feel like expressing right now they're doing in the office here. Initially, they hated it. Devil also supports this with law, but what I feel like expressing the rules are Utah, Allison, it's generally we're not we're not great listeners, people are generally not very active listeners. Just share how you feel what's on your mind. And it's amazing how much you get from YouTube and just by giving them that space to share how they feel. The first copper a little bit stilted, but as they get into it, you know, you really start to get underneath the skin and how you guys feel about money about life, because often they're not prepared to share. So wiffle just have other thinking about it. Try it on your partner. Try it on your kids.

Christian Rodwell  24:39  

Chris, it's been great speaking with you today. As always, thank you for sharing. I really appreciate it and you know, wish wish you and family all the best and I look forward to our next time when we chat.

Unknown Speaker  24:49  

Thanks for all you and Kevin had done for us.

Christian Rodwell  24:53  

Good stuff from Chris there lots of lessons. Really enjoy speaking with Chris every time a very humble guy before We dive into some of those great lessons, let's head over to Trustpilot. And read out one of our reviews from the last seven days. So thank you always to anyone who comes and takes a few minutes to leave us a review, whether you're a member, or you're purely just a listener, and you're enjoying the content that we're providing every week. So, in fact, this review is from Paul, who I met a couple of weeks ago in London at the cash flow 101. Evening. And Paul has said, this is the first opportunity that I've had to go to a meetup event. And it really helps meeting real people and being able to socialise. And although we were just playing a board game, it was very relevant to life. And it shows how to best thrive in the modern economy.

Speaker 3  25:44  

Very nice. And I think one of the spin offs from that review, plus your conversation with Chris is the value of connection. All too often, life is experienced best through collaboration, connection community. But what seems to be happening in schools is, especially when it comes to the financial education, if there's any at all, is what we call the tactic education credits, which is just teaching, just teaching at the theory, as Chris refers to it, and there is okay. But there it doesn't get you anywhere. It gets you to a place of understanding. But understanding without action is meaningless when it comes to building wealth for you and building wealth for your family and passing on a great legacy. Because wisdom has got to be exchanged. Knowledge and Understanding and action have got to follow. And what's pleasing for me is Chris followed that. But I have to tell you, there was a time when he hesitated. These are humble man, as you say. And I admire his humility. Because when I first met Chris, and one of the first things we were talking about doing was using his pension schemes from his old banking days, both him and Tracy. And I think it took them about a year to wrestle with him, we're very happy on we people taking their time. And often we'll see people listening, watching us on a video or listening to a podcast. And that following will lead them a little bit closer and closer and close below planting seeds, really. And when that seed germinate, it's great. Well, Chris, it took a year for that seed to germinate. And he almost didn't move forward, he almost took the easy step of the final salary pension. Now, I don't mean easy for anybody but easier for him in terms of he then wouldn't have had any decisions to make. But I think he used the words now since we created the SAS together. Game Changer. And SAS comes up in his conversation a few times, not least, when he was here, wigging on Ben, and an event, which dunno, he shouldn't have done because he should have been constrained on the person. But he's a proud man, isn't he? And you can see the pride he's taking and his family as they embrace some of these lessons. And I think they embrace them better, when there's something happening when they can, when there's some visibility and not just seeing but touching, feeling doing engaging the senses, in many different ways. And I think he's he's definitely been doing that. Albeit, I'm not certain about the flip charts, though.

Christian Rodwell  28:28  

Well, you know, I know you do you pick it pick and pensions as a way of getting the family together to have these family wealth discussions. And a few weeks ago, we had Joanne and Martin talking about their family values and bringing those out around the table and making sure that they're living by those values. So it's interesting, isn't it to hear the different ways that families are having these these chats?

Speaker 3  28:50  

I think so. And one of the common denominators in that is a cadence, you know, doing it on a regular basis. So, I think Joanna, while she's obviously doing it regularly enough, because she had to laminate them, I'm sure because of all the spillages that would occur if she's doing it over mealtimes, but we're seeing the cadence happening, that education transfer happening in mealtimes certainly, for me, was always a mealtime issue. I think that's probably one of the most popular, whether it's getting together and having a discussion. Yes, there's always a joke about well, Dad's talking about SAS, again, that certainly happened. It happened in my life. And patenting increases to but it's, it's still good if the message is getting across, because you can't really have a teacher there to just give a lesson. You know, in the end, the lessons have got to be absorbed, and they do that by degrees, and they do that by consistency, and Christen a great job with that consistency. I'm certain I've done that Joanna's doing that and many of our family members will be inspired by somebody else's story when they go. Now that's a good idea. I'll copy that because you don't get that roadmap, you don't get that manual of how to teach finance, how to bring financial education to children of different ages with different learning styles, different mentalities, spenders, savers, you know, they're all very different. So yeah, it's he's done a good job. And I hope he's inspiring some other families to do, copy what he's doing, or inspiration will come from somewhere else. But the inspiration to start is always a catalyst. And we call that the first ROI. Chris in wealth builders, don't we that reason, to overcome inertia, our reason to overcome inertia, because an object at rest stays at rest. And most people when it comes to family, wealth, and wealth, in general, are at rest, their money is not working hard. They're trading time for money. It's not building wealth, it's a life. But it's not a wealthy life, and it isn't a sustainable life. And what we try and advocate is gradually changing that and moving that over. And I think that happens at different speeds for different people. And you heard Chris, say that is p3. Kids are learning lessons, but they're learning them at different speeds. They're applying them in different ways. And none of them are yet fully asset owning. They're gradually getting there. But Chris himself took a while to get to those assets, as he said, his own family lessons at home, we're all about scarcity, you could hear the language he was choosing. I can remember that language in my family. You know, it was interesting, he was saying, you know, money don't grow on trees, and shut that door, you're letting all eat out? You know, I don't know if that's a good Yorkshire accent or not, you get your point. Very good. You know that that style of passing on the scarcity through the language you use. So whatever you do, they observe whatever you say they observe. And giving lessons is best done. Once you got to a place where you've got some lessons to teach. And I think that was Chris's. That was the big observation for me, actually, that a smart man is smart family. Intellectually, obviously, very sound, you know, maths, economics. countin. worked in banking for many years, super smart guy. But the financial lessons on building wealth weren't there. And it was an interesting one. And I'm just delighted. And I'm not trying to take too much credit for anything. But I'm delighted to have influence Chris in some small way, to help encourage him to make the transition. And it was me who connected him to his current business partner, Christopher. And I'm delighted to have done that. Because they're both extraordinary people, with lots to share, lots to give. And you can hear, Chris is paying it forward. However, I do want to take issue with one thing that Chris said, if you don't mind, which is he said, we live for 1000 weeks, I think it's nearer 5000. Now is our children today are living longer. And that means it's even tougher. I mean, it's still a shocker when you think we're gonna live 5000 weeks. And that's it. But that's true. And I think as we're living longer, the need for that education has become more pressing. Chris is doing a good job. And I'm hoping that more and more people will do a good job too, because I think it's really important, Chris, we talk about legacy a lot you can see was important to him too. But in my view, it's not what you leave your next generation, it's what you leave within them, that counts and financial education is a legacy in itself. And it's probably the best legacy because you create responsibility, not just to be to make informed decisions rather than uninformed ones. But additionally, hopefully, they build up enough wisdom to manage whatever's left to them by those who are taking the steps to build wealth. So the two things go together, you see what I mean? That if Chris and Tracy build great wealth, which they are, there's no point passing it on, or there is a point of passing it on, but it will, it will have a poor effect, and a less longer lasting impact. If all they do is consume it. So if they learn the lessons, and hopefully whatever principles and practices he wants to share about what he wants that legacy to look like him and Tracy together, of course, then that legacy should perpetuate and last a lot longer and do a lot more good. And that's kind of the message of wealth builders now isn't it's about that combination. Build your wealth, yes. But build the wisdom for it to do really good work for many, many years after your passing.

Christian Rodwell  34:48  

Absolutely. No, well said and these are all lessons that we've encapsulated into wealth builders for families and yes, the founder launch offer is is now closed. However, if you're listening and this is resonating, if you want to find out how you can get more involved, then do head over to our website wealth forward slash families. And make sure you register your details so that we can involve you and get you learning and yeah, embodying everything that we've discussed today. And Chris, thank you for giving us your input and your time. We always appreciate that. I think that covers everything for today's episode, Kevin. That was good one as always. We'll be back Same time, same place next week.

Unknown Speaker  35:32  

We will indeed until then my friend See ya.

Speaker 1  35:50  

We hope you enjoyed today's episode. Don't forget that we are constantly updating our resources inside a wealth builders membership site to help you create, build and protect your wealth. Head over to wealth right now for free access. That's wealth

Episode notes

Join us as we engage in an enlightening conversation with Chris Henry about the strategies, tools, and insights that families can utilise to enhance their financial well-being and secure a prosperous future.

During the episode, Chris shares his extensive knowledge and practical advice on a range of topics, including smart investment strategies, estate planning, and creating financial legacies that benefit not only today's generation but those to come.

Tune in as we explore the importance of setting financial goals, aligning investments with your family's values, and navigating the complexities of estate planning.

This episode is a must-listen for families who aspire to achieve lasting financial success, safeguard their loved ones' futures, and create a legacy that endures through the generations.

Resources mentioned in this episode